# Chemed Corporation (CHE)

> Source: Nexqual · https://nexqual.com/CHE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Chemed Corporation (CHE), nexqual.com/CHE" · informational, not investment advice.

**Price:** USD 520.15 (+1.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 511.37 · day 512.52–522.59 · 52w 365.21–557 · market cap $6.80B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.60B, net income $275M (10.6% margin), free cash flow $323M (SEC filings).
- Valuation: P/E 24.7x (avg 27.5x at the last 3 fiscal year-ends), EV/EBITDA 16.8x, net debt $99.8M.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $6.5M; 10 not under a Rule 10b5-1 plan ($6.5M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +20.1% vs S&P 500 +14.9%; 5Y +17.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 6.44, revenue estimate $685M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.14B | $2.13B | $2.26B | $2.43B | $2.53B | $2.60B |
| Gross profit | $770M | $765M | $799M | $854M | $823M | — |
| Operating income | $343M | $343M | $341M | $366M | $338M | $349M |
| Net income | $269M | $250M | $273M | $302M | $265M | $275M |
| EPS (diluted) | $16.85 | $16.53 | $17.93 | $19.89 | $18.34 | — |
| Free cash flow | $250M | $253M | $273M | $368M | $325M | $323M |
| Gross margin | 36.0% | 35.8% | 35.3% | 35.1% | 32.5% | — |
| Operating margin | 16.0% | 16.1% | 15.0% | 15.1% | 13.4% | 13.5% |
| Net margin | 12.6% | 11.7% | 12.0% | 12.4% | 10.5% | 10.6% |
| Revenue growth | +2.9% | -0.2% | +6.1% | +7.4% | +4.1% | — |
| Cash + short-term investments | $32.9M | $74.1M | $264M | $178M | $74.5M | — |
| Total debt | $185M | $97.5M | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.7x · P/S 2.6x · EV/EBITDA 16.8x · EV/Sales 2.7x · P/FCF 21.0x · P/B 8.2x · FCF yield 4.76% · Earnings yield 4.05% · Dividend yield (paid, TTM) 0.49% · Buyback yield (TTM) 9.46% · Net debt $99.8M · EV $6.90B
P/E at fiscal year-ends: Dec 2025 23.3x, Dec 2024 26.6x, Dec 2023 32.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-28 | McNamara Kevin J | president and CEO | 2,000 | $1.0M | 2.9% | No | Routine (sold in May & Aug each year 2023–2025; this trade is outside those months) |
| 2026-09-18 | McNamara Kevin J | president and CEO | 2,000 | $1.0M | 2.8% | No | Routine (sold in May & Aug each year 2023–2025; this trade is outside those months) |
| 2026-08-21 | Lee Spencer S | executive vice president | 1,000 | $541K | 6.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-21 | McNamara Kevin J | president and CEO | 2,000 | $1.1M | 2.8% | No | Routine (sold in May & Aug each year 2023–2025) |
| 2026-08-03 | McNamara Kevin J | president and CEO | 2,000 | $1.1M | 2.8% | No | Routine (sold in May & Aug each year 2023–2025) |
| 2026-07-31 | Grace Patrick P | Director | 190 | $101K | 5.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-09 | Lindell Andrea R | Director | 1,347 | $603K | 22.7% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-29 | Walsh George J Iii | Director | 500 | $219K | 12.1% | No | Too little history (no open-market trades in 2023) |
| 2026-05-08 | Grace Patrick P | Director | 60 | $26K | 1.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | McNamara Kevin J | president and CEO | 2,000 | $842K | 2.2% | No | Routine (sold in May & Aug each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-25 | UBS | Initiated | Buy | $650 |
| 2026-07-31 | Oppenheimer | Target raised | Outperform | $500 → $590 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $436 → $548 |
| 2026-07-09 | B of A Securities | Target raised | Neutral | $450 → $510 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +20.1% | +17.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.2% | +3.3% |
| Volatility (annualized) | 29.6% | 24.0% |
| Max drawdown | -23.0% (Feb 2026→Mar 2026) | -42.7% (Mar 2024→Mar 2026) |

## Peers (Medical Care Facilities)
PACS (PACS Group, Inc.) USD 47.5 +1.58% · CON (Concentra Group Holdings Parent) USD 39.97 +2.25% · OPCH (Option Care Health, Inc.) USD 31.29 -0.00% · LFST (LifeStance Health Group, Inc.) USD 12.56 +1.87% · ENSG (The Ensign Group, Inc.) USD 178.35 +2.88% · UHS (Universal Health Services, Inc.) USD 188.13 +2.88%

## More
Full page: https://nexqual.com/CHE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CHE's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/19584/000156276226000020/che-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Roto-Rooter | "Roto-Rooter's safety program is designed to help ensure the safety of our employees and customers." |
| Customer | VITAS Healthcare | "These additional costs, in the case of VITAS, cannot be passed along to our patients because of the structure of hospice reimbursement, and in the case of Roto-Rooter, may not be able to be fully passed along to our cust…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Segment Vitas | $443.3M | 65.9% | +11.9% | $73.7M | 16.6% |
| Segment Roto Rooter | $229.9M | 34.1% | +3.3% | $37.2M | 16.2% |
| Corporate costs (not allocated) | — | — | — | -$21.7M | — |
| Total revenue | $673.3M | 100% | — | $89.2M | 13.2% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Care Services | $446.4M | 66.3% | +7.6% |
| — Routine Home Care (part of Care Services) | $391.3M | 58.1% | +9.3% |
| — Inpatient Care (part of Care Services) | $35.7M | 5.3% | +8.0% |
| — Continuous Care (part of Care Services) | $19.4M | 2.9% | -18.0% |
| Contractor Revenue | $17.1M | 2.5% | -1.9% |
| Franchise Fees | $1.4M | 0.2% | +2.7% |
| Other Short Term Core Service Jobs | $272,000 | 0.0% | +45.5% |
| Total revenue | $673.3M | 100% | — |
The lines above cover 69.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.44 | $6.02 | +6.9% | $685.0M | 5 |
| Next quarter (ends 2026-12-31) | $7.37 | $7.07 | +4.3% | $705.3M | 5 |
| Current fiscal year (ends 2026-12-31) | $25.49 | $24.34 | +4.7% | $2.72B | 5 |
| Next fiscal year (ends 2027-12-31) | $27.52 | $26.88 | +2.4% | $2.89B | 5 |